8 September 2017
Commenting on the July 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:
“The second charge mortgage market reported its fifth consecutive month of growth in July, with new business up 23% by value and 21% by volume. In the first seven months of 2017, the number of new second charge mortgages grew by 13% to reach 12,378.
“It is important to remember that this growth is from a relatively low base. Nonetheless, the latest figures show that more customers are taking out a second charge mortgage – for example to fund renovations or help family members with a deposit for their first home.”
Table 1: New second charge mortgage lending
|
July 2017 |
% change on prev. year |
3 months to July 2017 |
% change on prev. year |
12 months to July 2017 |
% change on prev. year |
|
|
Value of new business (£m) |
90 |
+23 |
270 |
+27 |
956 |
+8 |
|
Number of new agreements (No.) |
1,977 |
+21 |
5,798 |
+24 |
20,714 |
+4 |
Note to editors:
- FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
- In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2016.
- For media enquiries, please contact the FLA press office on 020 7420 9656.